IT return

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Vinod (Querist)
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06 January 2017 sir, we have started friends group fund since 2010. There are 10 members and contribution arw rs. 2000 per month. if somebody ned money, he applied loÃƒ n for 1% interest per month. we have open one saving account in the name of NAVAS MITRA MONDAL and pan is AOP. all money deposited and withdraal same a/c. Now we have cross 8 lakh our fund amount, 5 lakhs loan given to member and 3 lakh bank balance. In the group, signing authority are president, sceatary and accountant any two. There are main motto of saving fund SAVE MONEY and emergency fund Now what is impact of income tax and how to return

CA Suresh Jain

CA Suresh Jain (Expert)
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06 January 2017 You need to file IT return for AOP, Income by way of interest from member and bank shall be taxable in the hands of AOP. Distribution of income after tax to the members shall not be taxable for members of AOP